Brisbane Office Bldg Sold For A$141.1mil
AUSTRALIA – Real Asset Management (RAM) has agreed to acquire a modern 23-storey office building at 333 Ann Street within the centre of downtown Brisbane via an off-market transaction for A$141.1 million, reported The Urban Developer on Wednesday noon (2 November, SGT).
Located on the intersection of Hutton Lane and around 150 metres from the city’s Central Station, the 14-year-old commercial property spanning 175,463 sq ft is fully occupied.
Tenants include an Australian government agency and one of the leading superannuation groups in the country. The office property’s weighted average lease expiry (WALE) stands at 4.15 years.
The buyer revealed that it was drawn by Queensland’s solid economic outlook, including jobs growth and interstate migration that has resulted in historically high population growth.
Real Asset Management’s Property Head Matthew Strotton said 333 Ann Street is well-positioned to gain from the large infrastructure investment as well as social and economic benefits arising from the 2032 Olympic Games.
“The asset will become the 5th in the RAM Diversified Property Fund, an unlisted property fund targeting a diversified and defensive property portfolio which has total commercial real estate assets valued at almost half a billion dollars in four states,” he shared.
The transaction, which has a passing yield of 7.03 percent, is expected to be completed by the end of this year, subject to the approval of Australia’s Foreign Investment Review Board (FIRB).
Established in 2010, RAM is a wealth and asset manager with assets under management (AUM) of over A$3.69 billion. The company has offices in Brisbane, Brisbane, and Sydney, Shanghai, and Hong Kong.